Fmelli Under the Microscope: National Iranian Copper Industries' Net Profit Hit 149.6 Trillion Tomans in FY1404 (Fundamental Analysis, Sunday, July 5, 2026)

National Iranian Copper Industries Co., traded under the ticker "Fmelli" and the country's largest copper producer, reported a net profit of 149.6 trillion tomans for fiscal year 1404 (the Iranian year ended March 20, 2026), up 98% from the prior year. The stock's price-to-earnings (P/E) ratio stood at about 22.4 as of the last trading session before the Tehran Stock Exchange's three-day closure (Wednesday, July 1, 2026, i.e. 10 Tir 1405). This report examines the company's value chain, financial statements, mineral reserves, and risks ahead, with no buy or sell recommendation.

Background

National Iranian Copper Industries Co. (NICICO) operates across the full copper value chain, from exploration and mining to finished products including cathode, slab, billet, and wire rod, and owns the country's three main copper mines: Sarcheshmeh and Miduk in Kerman province, and Sungun in East Azerbaijan province. Sarcheshmeh's annual mining capacity exceeds 60 million tons of ore, yielding roughly 300,000 tons of concentrate and 250,000 tons of copper cathode per year; Miduk, with a mining capacity of about 5 million tons, produces nearly 150,000 tons of concentrate and 50,000 tons of cathode annually. Iran holds more than 54 million tons of measured and indicated copper reserves and resources, ranking fifth in the world according to the latest United States Geological Survey (USGS) assessment, a ranking that has held steady in recent years and underpins Fmelli's expansion plans. The reported 98% jump to 149.6 trillion tomans in FY1404 net profit implies FY1403 profit was in the range of 75 to 76 trillion tomans, extending the copper industry's multi-year upward trend, which has moved in tandem with rising global copper prices.

Key figures

Item	Figure	Source and date
Net profit (FY ended March 20, 2026 / 29 Esfand 1404)	149.6 trillion tomans (+98%)	Nabz-e-Bourse, citing the Codal filing, July 2026
Operating revenue (FY1404)	321 trillion tomans (+80%)	Nabz-e-Bourse, citing the Codal filing, July 2026
Operating profit (FY1404)	17.5 trillion tomans (+96%)	Nabz-e-Bourse, citing the Codal filing, July 2026
Earnings per share (EPS, trailing)	1,023 rials	Databourse and Rahavard365, as of July 1, 2026
P/E ratio	22.44	Databourse and Rahavard365, as of July 1, 2026
Market capitalization (1.05 trillion shares outstanding)	~2,410 trillion tomans	Databourse, as of July 1, 2026
Global copper price (LME)	$6.17/lb (+22.95% year on year)	Trading Economics, July 3, 2026
Iran's copper reserves	Over 54 million tons, ranked 5th globally	US Geological Survey (USGS), 2022, via Mehr News Agency

Drivers

Fmelli's higher FY1404 profitability coincided with a rally in global copper prices: LME copper recently reached $6.17 per pound, up roughly 23% from a year earlier, as softer-than-expected US labor-market data reduced the odds of a near-term Federal Reserve rate hike, lifting industrial metals including copper. On the production side, Fmelli is focused on its "Kimia" development plan, which aims to raise the country's copper cathode capacity from about 325,000 tons currently to 1 million tons per year; full execution could reshape the company's export position and revenue in the years ahead, though an official timeline for full commissioning has not yet been announced.

Outlook

Fmelli's future profitability path is tied to several factors worth watching: the direction of Federal Reserve policy and Chinese industrial demand, both heavily influential on global copper prices; the pace of execution of the Kimia capacity-expansion plan; and the exchange-rate mechanics that apply to a company with a substantial share of export sales. Sahmino offers no opinion or recommendation on whether Fmelli shares are fairly valued at current prices, or on which investment horizon might suit them; this report simply lays out the available fundamental data.

What to watch

Worth following: the Tehran Stock Exchange's reopening on Tuesday, July 7, 2026 (16 Tir 1405), and Fmelli's initial price reaction to the FY1404 annual report in the first sessions after the closure; the company's subsequent interim disclosures on the Codal filing system; the trajectory of global copper prices in the coming weeks; and any official announcement on the Kimia plan's implementation timeline.

Disclaimer

This report is for informational and educational purposes only and does not constitute investment advice. All figures carry a specific as-of date and may have changed since; verify information against official, up-to-date sources before making any decision.